President Donald Trump said Sunday the United States and the European Union agreed on a trade deal under which imports from Europe will be levied a 15% across-the-board tariff. Trump hailed the deal as the biggest ever trade agreement.
He made the announcement after talks with European Commission President Ursula von der Leyen in Turnberry, Scotland.
The agreement with the 27-nation European Union, one of America’s largest trading partners, came just days before August 1 deadline for the higher U.S. tariffs on goods from countries that do not enter into a trade deal with United States.
The U.S. Administration had proposed a 30 % tariff on European goods if the block did not strike a deal with Washington before the deadline.
“We are agreeing that the tariff straight across for automobiles and everything else will be a straight-across tariff of 15%,” Trump said, speaking alongside von der Leyen.
Trump announces 30% tariff on imports from EU, Mexico beginning Aug 1
The U.S. president said Europe “is going to agree to purchase from the United States $750 billion worth of energy. They are going to agree to invest into the United States $600 billion more than they’re investing already.”
Von der Leyen called the agreement good for both sides of the Atlantic.
“I knew it at the beginning, and it (negotiation with Trump) was indeed very tough. But we came to a good conclusion for both sides.”
She said the deal “will bring stability. It will bring predictability. That’s very important for our businesses on both sides of the Atlantic.”
“All of the countries will be opened up to trade with the United States at zero tariffs, and they’re agreeing to purchase a vast amount of military equipment,” Trump added.
Trump described the agreement with the European Union “is the biggest deal ever made.”
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Ali Imran is a Washington-based journalist, who has worked for leading world news organizations as correspondent, expert and in editorial positions. He is a published author and poet.
